Use the quotation and your knowledge of social studies to answer the following question. “Finally, in our progress toward a resumption of work we require two safeguards against a return of the evils of the old order; there must be a strict supervision of all banking and credits and investments; there must be an end to speculation with other people’s money, and there must be provision for an adequate but sound currency.” —Franklin D. Roosevelt, First Inaugural Address. Which New Deal agency related most closely to what President Roosevelt was speaking about in this quotation?
A. Securities and Exchange Commission
B. Civilian Conservation Corps
C. Tennessee Valley Authority
D. Civil Works Administration
A?
Yes, A.
Yes, the correct answer is A. Securities and Exchange Commission.
In his First Inaugural Address, President Franklin D. Roosevelt emphasized the need for stricter regulation and supervision of banking, credits, and investments. The Securities and Exchange Commission (SEC), which was established in 1934 as part of the New Deal, was primarily responsible for enforcing federal securities laws and regulating the securities industry. Its main goal was to protect investors, maintain fair and orderly markets, and promote capital formation. By addressing the issue of speculation with other people's money, the SEC closely aligns with what President Roosevelt was speaking about in the quotation.